[News] Sainsbury's boss sings, "We're in the money"...

[Grombleton]

No, Walmart is selling ASDA.

No-one is selling anything. Asda is moving under the Sainsbury's Group banner (which includes Argos, Nectar, Habitat etc) and Walmart have a percentage interest in the Group as a result.

At least that's how it was explained to us workers yesterday.

 

[Wardy's twin]

a cheap shot at someone who is likely to make more money in a day than most professional footballers do.

 

[Simster]

Bloke sings song because he's made some money.

So what?

 

[Deleted member 22389]

Devious to be filmed when probably told camera off.

Massive move by Sainsburys if they pull this off and expect Argos to be internet only in a few years with collection at ASDA or Sainsburys

It make sense. One thing amazon can't do yet is same day delivery.

 

[Mr Putdown]

It make sense. One thing amazon can't do is same day delivery.

Amazon already do same day delivery in Greater London, Liverpool, Leeds, Manchester, Edinburgh, Glasgow, Birmingham, Bristol, Leicester, Nottingham.

 

[Deleted member 22389]

Amazon already do same day delivery in Greater London, Liverpool, Leeds, Manchester, Edinburgh, Glasgow, Birmingham, Bristol, Leicester, Nottingham.

Didn't know that.

 

[Greg Bobkin]

Meh. Whatever. Cue outrage for a day or so and then it will all be forgotten.

FAR bigger things to get worked up about in life, but it seems that 'scandals' such as these are what people seem to feed off these days.

 

[Thunder Bolt]

No-one is selling anything. Asda is moving under the Sainsbury's Group banner (which includes Argos, Nectar, Habitat etc) and Walmart have a percentage interest in the Group as a result.

At least that's how it was explained to us workers yesterday.

Yes, it's reported as a merger.

 

[beorhthelm]

No-one is selling anything. Asda is moving under the Sainsbury's Group banner (which includes Argos, Nectar, Habitat etc) and Walmart have a percentage interest in the Group as a result.

At least that's how it was explained to us workers yesterday.

yeah, so Walmart is selling Asda to Sainsbury's.

 

[The Large One]

Devious to be filmed when probably told camera off.

Massive move by Sainsburys if they pull this off and expect Argos to be internet only in a few years with collection at ASDA or Sainsburys

Page one while in the studio - always assume the cameras / mics are on. ALWAYS.

 

[Jackthelad]

I worked in the head office for 6 years. Could have written a book. Some of the stories...but can’t afford the lawyers as they say!

Same, horrible company and culture at head office.

 

[Beach Hut]

Page one while in the studio - always assume the cameras / mics are on. ALWAYS.

Very true and to be fair pretty stupid of him but not an issue

 

[Lower West Stander]

No-one is selling anything. Asda is moving under the Sainsbury's Group banner (which includes Argos, Nectar, Habitat etc) and Walmart have a percentage interest in the Group as a result.

At least that's how it was explained to us workers yesterday.

Its not a merger, Walmart is selling it - don't be fooled. They are getting around £3bn in cash and 29.9% of voting rights in the new company worth just over £4bn. They have sold it quite cheap at just below 6x operating cash but have decent optionality and a couple of seats on the board.

If it goes well, wouldn't surprise me if Walmart came back in and bought the whole thing, but a £4bn stake is a rounding error for them.

 

[dazzer6666]

Its not a merger, Walmart is selling it - don't be fooled. They are getting around £3bn in cash and 29.9% of voting rights in the new company worth just over £4bn. They have sold it quite cheap at just below 6x operating cash but have decent optionality and a couple of seats on the board.

If it goes well, wouldn't surprise me if Walmart came back in and bought the whole thing, but a £4bn stake is a rounding error for them.

Yup.....annual revenue over 500 billion dollars (“US billions”, obviously, but still a fair amount). Their figures are staggering......270 million customers a week.

 

[ozzygull]

The song choice was a bit crass, but what things pop in your head can't be helped,just a bit odd to start singing before a meeting, embarrassing more then anything.

 

[Saladpack Seagull]

The song choice was a bit crass, but what things pop in your head can't be helped,just a bit odd to start singing before a meeting, embarrassing more then anything.

"Pennies From Heaven" would have attracted less criticism!

 

[Uncle Spielberg]

It must be a slow news day